'X Factor': Britney Spears and Demi Lovato officially join show

It finally happened! After rumors, innuendos and everything else in between, "The X Factor" has finally and officially named Britney Spears and Demi Lovato as their newest judges.

"Britney is an unparalleled superstar. Her success in the music industry over the last two decades makes her a perfect fit for 'The X Factor' judging panel," Mike Darnell, FOX's President of Alternative Entertainment, says in a statement. "Demi has mass appeal and is beloved by her fans around the world."

Show EP and fellow judge Simon Cowell writes on Twitter, "Can't believe it's finally happened. Very exciting!"

With the hiring of Spears and Lovato, the show's panel gets the much needed boost of relevance it was missing when Paula Abdul and Nicole Scherzinger were on staff. In addition, Spears (30) and Lovato (19) are sizably younger than Abdul (49) and Scherzinger (33). This is likely a much better fit for the show's target demographic.

Spears is rumored to be taking home about $15 million as part of the deal. It's unknown what Lovato will get paid, although it's certainly significantly less. The two will share the judges' table with Cowell and L.A. Reid when the singing competition returns for its second season.

Next up for the show is naming the new hosts. Cowell has previously stated it will be one male and one female who will hold these responsibilities.

So Zappers, do you think these hires will help boost the show's ratings?